The 100%-refund-law approach could be interesting if insurance companies could be convinced to offer companies coverage for this scenario. It would set up a feedback loop where high premiums would incentivize companies to make their devices less likely to become inoperable.
I favor less onerous laws, myself. I think a big problem is that people are generally unaware of how dependent their tech is on company whims. A legally-mandated "ingredients list" or "smoker's warning" note detailing all service dependencies (and associated "stability score?") might help raise awareness.
My friend recently got a $6000 laser cutter that has a hard cloud dependency to do anything at all. It's all through their cloud interface. That thing scares the heck out of me. Just the other day it failed and just getting the error logs required a round-trip to support. It was just a dirty sensor. It constantly advertises its "premium" features and interrupts your workflow if the wifi is spotty (often the case in an industrial shop). I bet the machine will be a paperweight in 5 years, and require either wholesale replacement or a controller retrofit. In the meantime, I guarantee my offline CNC mill will be functional until it suffers some catastrophic hardware failure. Since it supports industry-standard protocols, I can use any of a hundred different software packages to run it, including several open-source ones. Unlike that laser cutter.